DFDR(300217) Caixin Securities·2024-09-04 10:00Investment Rating - The report maintains a "Buy" rating for the company [1][4][7] Core Views - The company has shown stable growth in its profitability, with a notable increase in net profit for the first half of 2024 [2][3] - The automotive components business is experiencing significant growth, and there is optimism regarding the potential orders for pre-plated nickel [2][3] - The company is expected to benefit from the increasing demand for large cylindrical batteries, with plans to secure mass production orders by the end of the year [3][4] Financial Summary - The company achieved a revenue of 20.59 billion yuan in the first half of 2024, a year-on-year increase of 0.63%, and a net profit of 2.13 billion yuan, up 10.61% year-on-year [2][3] - For the second quarter, revenue reached 11.83 billion yuan, representing a 3.88% year-on-year increase and a 35.13% quarter-on-quarter increase [2][3] - The projected net profits for 2024, 2025, and 2026 are 4.39 billion yuan, 4.57 billion yuan, and 4.77 billion yuan respectively, with corresponding P/E ratios of 12.39, 11.90, and 11.41 [2][4][5]